UK: SABMiller’s share price recoups losses
SABMiller’s share price tested previous support on Wednesday, but the long-term uptrend has not been broken, Business Day reported March 2. The share price managed to recoup its losses and closed in the black yesterday to keep support intact.
Until recently, the price action has underperformed the all share index. Earlier this week, the relative strength line broke above a trend line, implying that SABMiller has started to outperform the market.
In the last update we recommended that medium-term traders add to long positions on moves to R160 with a stop-loss at R145. This medium-term recommendation has been maintained.
In the case of short-term traders, a topping formation has been developing. A close below support at R160 implies a measured move of R148 for a temporary pullback.
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